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Fintech Wholesale Usa – The cross-border payment industry will see significant activity as early as 2024. Countries are introducing and connecting fast payment systems to reduce costs and increase the speed of cross-border payments, according to the G20 roadmap for the sector. In addition, the geopolitical turmoil in Ukraine and the Middle East is contributing to the growing number of immigrants worldwide, as well as fueling the need for cashless and affordable remittances. Meanwhile, industry players are looking to cut costs and increase profits, with some joining forces to expand their reach and take advantage of the fragmented B2B payments market. Many of them are also keeping an eye on technological developments, especially in the areas of artificial intelligence for creating and instant payments.
Of all the events that happened this year, one of the best ways to understand the industry is to remember its biggest players. That is why FXC Intelligence has released the Cross-border Payments 100 for 2024, a market map showing the 100 most important players in cross-border payments. Now in its sixth year, the Cross-Border Payments 100 showcases 100 players who are truly making a difference in the sector.
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This year there have been a few changes. Our e-commerce division, which we created last year, has expanded to include Shein and Tema. On the other hand, since the focus of the industry is now shifting from cryptocurrencies, we have removed the cryptocurrencies category this year. Several players previously featured in our list of the most promising payment companies have also been added, including SUNRATE, CAB Payments and Papaya Global, which, along with Deel, is one of two new plus a card focused on international payroll services. fees.
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The impact of industry consolidation and convergence is also reflected in our 2024 roadmap. Payment processor Worldpay is joining as a separate company after its spin-off from FIS, and there is also the first appearance of DolFinTech. , a new company formed by the merger of Latin American remittances DolEx and Barri. Another entrant, Mexican retailer Grupo Elektra and B2B processor TransNetwork, is also targeting the US-Latin American corridor.
We have used our team’s combined industry experience and our unique insights to make this list the definitive guide to the key players in the cross-border space. Scroll down to view the Cross Border Payments Market Map
Joe is a senior writer at FXC Intelligence, writing and editing reports, news and analysis to support the company’s weekly content and client projects. Before joining FXC Intelligence, he worked as a B2B writer, journalist and editor, covering a wide range of topics including the technology, transportation, retail, and food and beverage industries. He holds a BA in Philosophy from the University of Warwick.
Callum is a senior associate editor at FXC Intelligence, editing reports, news and analysis to support the company’s weekly content and client projects. Before joining FXC Intelligence, he worked as a B2B editor, covering a variety of topics including energy, packaging, and food and beverage. He holds a BA in English and American Literature from the University of Kent.
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Lucy is the Chief Content Officer and Editor-in-Chief of FXC Intelligence. It sets up all the content and does a lot of research on changes and data that lead to payment changes. Before joining FXC Intelligence, Lucy worked as a technology reporter and editor, interviewing executives and thought leaders in business technology, including fintech. She holds an MSc from Durham University.
Daniel is the founder and CEO of FXC Intelligence. Daniel is a key influencer in the global payments space. He is often invited to speak at industry conferences and provide industry information and data. Daniel is widely quoted in the industry, including The Economist, Wall Street Journal, Reuters, and Daniel also contributes to Forbes.com. Newsletter FXC Intelligence’s weekly newsletter is the most widely read in the global payments market.
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Standard Chartered has confirmed its investment in United Fintech Group Limited (United Fintech), a London-based digital transformation platform that acquires and partners with fintech companies in the capital markets, creating a one-stop fintech hub. for business innovation. in collaboration with other providers of advanced technology that benefits banks, hedge funds and asset managers.
The investment supports Standard Chartered’s ambition to help develop digital transformation solutions in capital markets, wholesale banking and wealth management, and the wider financial services industry.
As part of the investment, Standard Chartered has been granted supervisory rights to the Board of Directors and, subject to certain conditions being met, will be given a rotating seat on the Board of Directors, allowing them to share experiences. and contribute to the strategic direction decisions of the platform.
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Jeff Cote, Global Head of CIB Business Centers and Partnerships at Standard Chartered, said: “We are impressed by the growth of United Fintech’s portfolio of innovative technology companies and share their vision of how IT can transform the world. which can disrupt the world economy. market structure. and infrastructure. We look forward to working with them as we continue our digital transformation journey.”
Christian Frahm, CEO and founder of United Fintech, said: “This investment underlines Standard Chartered’s commitment to accelerating digital transformation and demonstrates our forward-thinking approach to collaborative innovation. As a global bank with a focus on With a strong presence in Asia, Africa, the Middle East, Europe and America, we are pleased to add to our pool of international investors, joining Citi and BNP Paribas, who first invested in February 2024, as well as Danske Bank, which and followed in May. By clicking “Continue” to subscribe or log in, you agree to the User Agreement, Privacy Policy and Cookie Policy.
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Last week, both Revolut and Nubank announced expansion into the Middle East and North Africa. Revolut has received investment from UAE sovereign wealth fund Mubadala and says it has 100,000 users on its waiting list.
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My opinion is that the next growth market for financial services is the Middle East. It already had regional power centers that began to receive European businesses and became the gateways of international capital between East and West and the G20 of international trade in the South.
Today, if you want to see the future of Fintech, you have to look outside the US and Europe. The largest digital banks are located in the Asia-Pacific region (Webank), the most used RTP tracks are India and Brazil (UPI and Pix).
As many American investors have experienced, the rise of Latin America has changed the rules of the game. And the fintech scene in Asia does not generate as many pressures as established companies in the West that are constantly being destroyed.
Middle Eastern and North African economies are spending heavily to transform their 90% hydrocarbon-based economy into a global service center.
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This is different. It’s top to bottom. He spends a lot of money and his speed turns into a smart cash injection.
Ecosystem: You will meet another founder, VC, or interesting person, and it will be magic.
From a perspective, this is what it looks like in New York, San Francisco, London, etc.
The facilities they don’t include are the most useful examples. Singapore and Hong Kong act as the maritime hub of the Asia-Pacific region. As transportation hubs, the two countries emerged as global financial centers as Asia emerged from the financial crisis of the 1990s to become the engine of global economic growth.
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Singapore is close to markets with hundreds of millions of users such as Indonesia, and Hong Kong is close to China. They have evolved into technology and financial institutions and have been competing in the regulation of financial services and fintech for decades. While 10 years ago the UK was undoubtedly the world leader in financial services, now it’s a trifecta between Singapore, Hong Kong and Abu Dhabi.
Both Singapore and Hong Kong host extensive Fintech events and are global leaders in regulatory policy.
